Primary and excess insurance carriers and their counsel need to pay close attention to a new Texas Supreme Court case Exxon Mobil vs. National Union Fire Insurance Company of Pittsburgh Pennsylvania.
Primary and excess insurance carriers and their counsel need to pay close attention to a new Texas Supreme Court case Exxon Mobil vs. National Union Fire Insurance Company of Pittsburgh.
In ExxonMobil Corp. v. Natl. Union Fire Ins. Co. of Pittsburgh, PA, Texas Supreme Court held that an insurance policy did not incorporate the payout limits of an underlying service agreement and thus the insured was entitled to the higher limits under the insurance policy.
In Texas, MSAs related to the oil and gas industry contain provisions related to mandatory minimum insurance coverage and indemnity obligations. In ExxonMobil Corporation vs. National Union Fire Insurance Company, savage procured a commercial general liability and umbrella policy.